Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 480 shares of preferred stock and 5,800 shares of common stock have been issued. The following transactions affect stockholders’ equity during 2021: March 1 Issue 2,900 shares of common stock for $60 per share. May 15 Purchase 580 shares of treasury stock for $53 per share. July 10 Resell 380 shares of treasury stock purchased on May 15 for $58 per share. October 15 Issue 380 shares of preferred stock for $63 per share. December 1 Declare a cash dividend on both common and preferred stock of $2.30 per share to all stockholders of record on December 15. (Hint: Dividends are not paid on treasury stock.) December 31 Pay the cash dividends declared on December 1. Donnie Hilfiger has the following beginning balances in its stockholders’ equity accounts on January 1, 2021: Preferred Stock, $480; Common Stock, $58; Additional Paid-in Capital, $85,000; and Retained Earnings, $34,100. Net income for the year ended December 31, 2021, is $14,400.
Required:
1. Record each of these transactions.
Please find below table based on which Journal entries are recorded:
Now follows the Journal entry to record based on above computation:
Please show work. Thanks in advance! Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 200 shares of preferred stock and 3,900 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 1,000 shares of common stock for $41 per share. May 15 Purchase 600 shares of treasury stock for $34 per share. July 10 Resell 100 shares of...
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 440 shares of preferred stock and 5,400 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 2,500 shares of common stock for $56 per share. May 15 Purchase 540 shares of treasury stock for $49 per share. July 10 Resell 340 shares of treasury stock purchased on May 15...
P10-2A Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 300 shares of preferred stock and 4,000 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 1,100 shares of common stock for $42 per share. May 15 Purchase 400 shares of treasury stock for $35 per share. July 10 Resell 200 shares of treasury stock purchased on May...
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 310 shares of preferred stock and 4,100 shares of common stock have been issued. The following transactions affect stockholders’ equity during 2021: March 1 Issue 1,200 shares of common stock for $43 per share. May 15 Purchase 410 shares of treasury stock for $36 per share. July 10 Resell 210 shares of treasury stock purchased on May 15...
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of tock and 4,600 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 1,700 shares of common stock for $48 per share. May 15 Purchase 460 shares of treasury stock for $41 per share. July 10 Resell 260 shares of treasury stock purchased on May 15 for $46 per share. October...
Record each transaction, from March 1st-Dec 31st Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 440 shares of preferred stock and 5,400 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 2,500 shares of common stock for $56 per share. May 15 Purchase 540 shares of treasury stock for $49 per share. July 10 Resell 340 shares...
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 430 shares of preferred stock and 5,300 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 2,400 shares of common stock for $55 per share. May 15 Purchase 530 shares of treasury stock for $48 per share. July 10 Resell 330 shares of treasury stock purchased on May 15...
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 370 shares of preferred stock and 4,700 shares of common stock have been issued. The following transactions affect stockholders’ equity during 2021: March 1 Issue 1,800 shares of common stock for $49 per share. May 15 Purchase 470 shares of treasury stock for $42 per share. July 10 Resell 270 shares of treasury stock purchased on May 15...
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 300 shares of preferred stock and 4,000 shares of common stock have been issued. The following transactions affect stockholders’ equity during 2021:March1Issue 1,100 shares of common stock for $42 per share.May15Purchase 400 shares of treasury stock for $35 per share.July10Resell 200 shares of treasury stock purchased on May 15 for $40 per share.October15Issue 200 shares of preferred stock...
Required informationProblem 10-2A Record equity transactions and indicate the effect on the balance sheet equation (LO10-2, 10-3, 10-4, 10-5)Skip to question [The following information applies to the questions displayed below.] Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 350 shares of preferred stock and 4,500 shares of common stock have been issued. The following transactions affect stockholders’ equity during 2021: March1Issue 1,600 shares of common stock for $47 per...